WTF are litecoin and bitcoin
- Thread starter woltej1
- Start date
Solution
simply put they are internet currency. you can buy stuff from online stores with bitcoin/lite coin. even i dont know much about them so here is a site that should answer your questions 
http://bitcoin.org/en/faq#what-is-bitcoin
http://bitcoin.org/en/faq#what-is-bitcoin
simply put they are internet currency. you can buy stuff from online stores with bitcoin/lite coin. even i dont know much about them so here is a site that should answer your questions
http://bitcoin.org/en/faq#what-is-bitcoin
http://bitcoin.org/en/faq#what-is-bitcoin
- Nov 15, 2010
- 3,534
- 1
- 24,960
I kind of understand it now I think. What still gets me tough is why was it started? Was it something to reimburse people for letting companies use their computers to do calculations, kind of like paid folding at home? Or just a new currency that people think would work better than centralized money.
Hope this helps you woltej1,
Bitcoins and litecoins are both crypto currencies. How it works? Simple really, just buy bitcoin miner hardware called a miner. Mining must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution. For each problem solved, one block of bitcoins is processed.
Bitcoins and litecoins are both crypto currencies. How it works? Simple really, just buy bitcoin miner hardware called a miner. Mining must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution. For each problem solved, one block of bitcoins is processed.
cst1992
Splendid
- Nov 8, 2013
- 3,903
- 1
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It's like trading shares.
You buy some bitcoins from the exchange, and generate more using them as seed.
However, it has become so difficult now, that competition is getting very fierce, there are enthusiasts for this thing as well.
Earlier the people having the hardware were making money, now the people in the exchange are.
The thing is that, the price of one bitcoin is very high, that's making this a very attractive proposal(Somewhere around $125).
The litecoin is easier to generate than the bitcoin, so people are mining them instead now.
You buy some bitcoins from the exchange, and generate more using them as seed.
However, it has become so difficult now, that competition is getting very fierce, there are enthusiasts for this thing as well.
Earlier the people having the hardware were making money, now the people in the exchange are.
The thing is that, the price of one bitcoin is very high, that's making this a very attractive proposal(Somewhere around $125).
The litecoin is easier to generate than the bitcoin, so people are mining them instead now.
- Nov 15, 2010
- 3,534
- 1
- 24,960
trading stock shares makes sense, they represent ownership of a physical company that itself is either getting stronger or weaker and is represented in its shares. Bitcoining seems more like people trading items in a video game. Completely arbitrary pieces of data generated from within its own program not tied to the outside world directly.
cst1992
Splendid
- Nov 8, 2013
- 3,903
- 1
- 24,215
It's just as an example.
However, making money happens on both ends, so it's a business nonetheless.
The funny thing is that only 21 million bitcoins will ever exist, and we're halfway already in 3 years. As the number grows nearer, it will become ever more difficult to mine bitcoins. For litecoins the limit is 4 times of that.
However, making money happens on both ends, so it's a business nonetheless.
The funny thing is that only 21 million bitcoins will ever exist, and we're halfway already in 3 years. As the number grows nearer, it will become ever more difficult to mine bitcoins. For litecoins the limit is 4 times of that.
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